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Wiley Edge Profit and Loss Quiz-1

Question 1

Time: 00:00:00

Ojas is a trader who sells merchandise on amazon to earn his income.He lists his merchandise 20% above cost. He then grants a discount on it and earns an 8% profit. The discount rate is:

12%

10%

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Let C.P = Rs. 100

Marked Price = Rs. 120,

Disc = 10% of MP = 12
SP = MP - Disc = 120 - 12 = 108

S.P = Rs. 108

Discount = (12/120 Ã— 100)% = 10%

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Question 2

Time: 00:00:00

Diya mirza buys a zig-zag sewing machine from amazon for her retail store and gets a nice discount on, the details are as follows: She purchased a sewing machine for Rs. 1955 after receiving a 15% discount. She thereby earns a 15% profit. The reduction is:

Rs. 270

Rs. 290

Rs. 300

None of these

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Marked price be Rs. X

Discount availed by the retailer = 15% of Rs. X

C.P of the machine by the retailer

= (X “ 15% of X) = Rs. 17X/20

15% of 17X/20 = 1955 “ 17X/20

51X/400 + 17X/20 = 1955 or

X = 2000 Discount received retailer

= (15% of Rs. 2000) = Rs. 300

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Question 3

Time: 00:00:00

Rolex is the most expensive watch brand but only some know that it is a non-profitable organization and so it doesn’t offer discounts on its watches, but on very special occasions it gives a very little discount. A shopkeeper discounts the watch by 5%; if he discounts it by 7%, his profit is reduced by Rs. 15. The watch has the following marked price:

Rs. 697.50

Rs. 712.50

Rs. 787.50

None of these

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Marked price is Rs. X

(7% of X) * 15 = 5% of X (Or)

7X/100 * 5X/100 = 15 or X = 750

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Question 4

Time: 00:00:00

Dinesh yadav sells his friend Ron his automobile for a 10% loss as he was in need of the money and it was the quickest way possible to get money for covid treatment for his wife. Suppose your Ron sells it for Rs. 54,000 while making 20%. The car's original C.P. was:

Rs. 25000

Rs. 37500

Rs. 50000

Rs. 60000

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S.P = Rs. 54000,

Gain earned = 20%

C.P = Rs. (100/120 Ã— 54000) = Rs. 45000

S.P = Rs. 45000 and loss = 10%

C.P = Rs. (100/90 Ã— 45000) = Rs. 50000

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Question 5

Time: 00:00:00

Maths teacher was taking class regarding profit and loss. The students encountered some difficulty at the starting but got the hang of it after some time.She then gave them 10 min to solve a particularly question to see the level of understanding , the question goes like:What price must Kantilal sell a blend of 120 kg at Rs. 8 per kg and 80 kg at Rs. 6.75 per kg in order to gain 20%?

Rs. 7.50 per kg

Rs. 8.20 per kg

Rs. 8.85 per kg

Rs. 9 per kg

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C.P of 200 kg of sugar = Rs. (80 Ã— 6.75 + 120 Ã— 8) = Rs. 1500

C.P of 1 kg = Rs. (1500/200) = Rs. 7.50

Gain required = 20%

S.P of 1 kg = (120% of Rs. 7.50)

= Rs. (120/100 Ã— 7.50) = Rs. 9 per kg

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Question 6

Time: 00:00:00

Aman purchased wheat for his shop and then sold it for a 10% loss. He would have made a 40% profit if he had bought it for 20% less and sold it for Rs. 55 more. The wheat's C.P. is:

Rs. 200

Rs. 225

Rs. 250

None of these

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C.P = Rs. X

S.P = Rs. (90/100 Ã— X) = Rs. (9/10 X)

C.P = Rs. (80/100 Ã— X) = Rs. (4X/5) Gain = 40%

New S.P = Rs. (140/100 Ã— 4X/5)

= Rs. (28/25 X) 28/25 X “ 9/10 X = 55 or X = 250

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Question 7

Time: 00:00:00

Rahul mahajan purchased 2 dozen apples at a cost of Rs. 16 a dozen and 4 dozen apples at a cost of Rs. 12. To make 20%, he sold each one. How much did he charge per dozen for the apples?

Rs. 14.40

Rs. 16.00

Rs. 16.80

Rs. 19.20

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C.P. of dozen apples = Rs. (12 x 4 + 16 x 2) = Rs. 80
Gain = 20%
∴ S.P. = Rs. (120/100) x 80 = Rs. 96
S.P. per dozen = Rs. (96/6) = Rs. 16

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Question 8

Time: 00:00:00

Vishal is a publisher and owns a small publishing company so has to do all his work on his own. He has to be careful as to make profit from his company and carefully spends money.At a cost of Rs. 80 per ream, Vishal purchased 120 reams of paper. He paid 280 rupees for transportation. paid the coolie Rs. 72 and purchased octroi at a price of 40 paise per ream. if he wants to make an 8% gain. What must the ream-by-ream selling price be?

Rs. 86

Rs. 87.48

Rs. 89

Rs. 90

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Total investment = Rs. (120 * 80 + 280 + (40/100) * 120 + 72).
= Rs. (9600 + 280+48 + 72) = Rs, 10000.
Sell price of 120 reams = 108% of Rs. 10000 = Rs. 10800.
Sell Price per ream = Rs. [10800/120] = Rs. 90.

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Question 9

Time: 00:00:00

Kush bought a new house and went shopping for his new house. He first went to big bazaar but it was closed down due to a dispute between reliance and amazon, so he went to croma. At croma the price of two mixers and a TV is Rs. 7000. While a mixer and two TVs cost Rs. 9800. The cost of a single TV will be:

Rs. 2800

Rs. 2100

Rs. 4200

Rs. 8400

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Let price of mixer be X and price of TV be Y
2X + Y = 7000

X + 2Y = 9800

Solving (i) and (ii), we get Y = 4200

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Question 10

Time: 00:00:00

There are various ways in which a Bipin Chandra can make profit on goods which can easily make him a nice sum of money. From various known ways Bipin sold his goods for Rs. 75 at a profit percent equal to C.P. The C.P was:

Rs. 40

Rs. 50

Rs. 60

Rs. 70

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Let C.P = Rs. X

X + X% of X = 75

X2 + 100 X of 7500 = 0 Or (X+ 150) (X - 50) = 0

X = 50 (neglecting X= - 150)

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